The London Stock Exchange has suspended trading in 27 companies freefalling Russian-linked companies, including Gazprom and Sberbank of Russia (OTC:AKSJF).
Trading in Rosneft (AIM:ROSN), En+ and Lukoil has also been suspended as investors engage in a fire sale of Russian companies.
“Further to recent sanctions in connection with events in Ukraine, in light of market conditions, and in order to maintain orderly markets, the London Stock Exchange has suspended the admission to trading of the instruments …with immediate effect,” the LSE said in a statement.
The London Stock Exchange Group PLC (LSE:LSEG) is unlikely to be materially affected by the halted trading, having announced in results this morning that Russian and Ukraine operations accounted for less than 1% of total income.
Sberbank lost 95% of its value as the West imposed sanctions on Russia following its invasion of Ukraine, while Gazprom lost around 90% of its value.
Shares in LSE Group were up 6.66% to 6,794pat 11:12 GMT following strong earnings boosted by Refinitiv.